Fayette, New York Property Taxes
The median property tax rate in Fayette, NY is 2.49%, considerably higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Fayette at $95,667, the typical annual property tax bill reaches $2,355, slightly below the national median of $2,690. Property taxes in Fayette are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fayette's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fayette or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fayette, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$2,382
$2,355
Ownwell’s FAYETTE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FAYETTE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FAYETTE to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fayette, New York
Property taxes in Fayette, New York, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Fayette is 2.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Fayette set these rates annually, and they can vary across different neighborhoods. Each year, Fayette estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Fayette's effective property tax rate to other counties in New York and the national median. For comparison, the 13065 zip code has the highest median property tax rate of 2.49%, while the 13065 zip code also has the lowest median tax rate of 2.49%. Understanding how these cities compare with Fayette provides valuable insights into the varying tax landscape across Seneca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayette Tax Rate
2.49%
Average Seneca County Tax Rate
2.53%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13065 | 2.02% | 2.14% | 2.49% | 2.53% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Fayette, New York
In Fayette, New York, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Seneca County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Fayette, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Fayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Fayette is 13065, with a tax bill of $2,355, which is significant when compared to the national median property tax rate of 0.99%.
Average Fayette Assessed Value
$95,667
Average Seneca County Assessed Value
$129,610
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayette, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13065 | $71,244 | $81,334 | $95,667 | $183,558 | $216,911 |
Source: Ownwell
Property Tax Bills Across Fayette, New York
In Fayette, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors influencing the assessed value include the home's market value, location, and any improvements or modifications made to the property. For homeowners in Fayette, the median home price is $95,667, with property tax bills ranging from $1,915 at the 25th percentile to $4,453 at the 90th percentile. The median tax bill in the area is $2,355, which is higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services. Homeowners should be aware that any changes in property value or local tax rates can significantly impact their annual tax obligations, making it crucial to stay informed and proactive about potential property tax appeals or exemptions.
Average Fayette Tax Bill
$2,355
Average Seneca County Tax Bill
$3,564
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13065 | $1,838 | $1,915 | $2,355 | $3,926 | $4,453 |
Source: Ownwell